"I actually pitied Bernanke as he attempted to remind Ms. Waters the difference between the discount rate and the fed funds rate. Doesn't she have anyone on her staff who could have prepped on the material? It's not as if these are difficult concepts."


BIGTXLENDER at 16:58 2010-02-25 said:
this woman is such a ignorant fool!!! how do you morons in CA keep electing her?

she was also one of the many Dems who told the Republicans that FNMA was not going to get hurt backing high LTV, low credit score loans Permalink

1 More Thing at 17:58 2010-02-25 said:
Maxine is a very bright woman.

She is asking a question that most of AMERICA asks. What is all this stuff they are talking about interest rates, discount rates, fed rates.

99% of middle america has no idea what this stuff is. And I bet if you went to Starbucks at 7:00 AM and asked anyone in a MINI-VAN do they know the answers to these same questions -- all these Soccer Moms would say --- a what?

So in less than 5 minutes, she has gotten more than a million people to understand all this Wall Street gibberish.


1 More Thing at 18:03 2010-02-25 said:
P.S. I am glaa she asked that question - cause we have some --- not so bright loan originators that don't have a clue what this stuff is either.

Apparently, a lot of folks in our own industry - ain't the brightest bulb on the string -- most folks I understand can't even pass The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) Test. I hear the failure rate is around 70% and it only takes a 75 to pass the thing.


BIGTXLENDER at 18:37 2010-02-25 said:
she should already know the answer!!! no excuse,, I still think she is stupid.....you can praise her all you want , not going to change my opinion of her she is on the House Finance Committee..hello... McFly....

Its so obvious she tried and tired to hammer ole Ben, to answer the question the way she wanted it answered. once she realized she was wrong.... dang near brow beat him to death....like Ben said no correlation to the discount rate and Consumer Mortgage Rates.. I am pretty sure you even know this...

I expect many Originators do not know this,,,unless they were Finance Majors in College...its not relevant in Originating a loan......

To me its like your Doctor misdiagnosing a common cold... Permalink

Dinochick at 08:33 2010-02-26 said:
She was also the one in the Finance Committee that said "Freddie and Fannie aren't Broke". And the guy in Charge of Fannie was doing a great job (Raines).

I concur, she is not exactly on all thrusters ... (to quote a Star Trek line)

Why do you expect her to get anything right? Permalink

1 More Thing at 10:53 2010-02-26 said:
See BIG TX - part of the problem in the industry is that - the Originators DON'T KNOW any of this stuff. (Well the majority of them anyway.) You would think that with everything that has been goin' on, that perhaps they may have learned a thing or two about their profession, besides how to use Calyx.

Anyway, Maxine asked the questions that millions of people who are not in this business needed to know. Unlike a lot of these schmucks, when the cameras start rolling - act like they KNOW EVERYTHING - and they a Rhodes Scholars.

I am glad that she had Bernake - explain it again for the benefit of JOE & DEBRA MAINSTREET. Permalink

1 More Thing at 11:01 2010-02-26 said:
Dynochick - well if we go by all the people that have been lying to us. That would mean that the majority of folks in washington aren't working "on all thrusters". Permalink
Dinochick at 11:05 2010-02-26 said:
One more thing:

Yes, there is allot of stuff going on in Washington. Even prior to the new administration.

I did feel that Maxine Waters has a "bullying" type of tude, and for one not being so sharp, that is a double whammy. I am not happy with Bernanke, but I felt she would have gotten better answers if she owned up to her lack of knowledge and just asked him to explain "IF" it would have an impact. Permalink

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